MEGAWIDE Construction Corp. has signed a lease agreement with the Baguio City Government to implement the P1.19-billion Baguio City Integrated Terminal (BCIT) project.
In a stock exchange disclosure on Thursday, the listed engineering and infrastructure company said the agreement follows its receipt of the notice of award for the project last 12 months.
The lease covers the event, construction, and operation of an integrated transport terminal, including mixed industrial spaces inside the premises, Megawide said.
The lease term won’t extend beyond the 40th anniversary of the development start date or the expiration of the applicable usufruct arrangement.
Megawide noted that the project was awarded after no competing bids were received to challenge the corporate’s unsolicited proposal.
The BCIT is designed to handle as much as 25,000 passengers day by day and can initially serve seven southbound routes, including La Union, Pangasinan, Tarlac, Pampanga, Bulacan, Metro Manila, and Cavite via the planned South Luzon Integrated Terminal Exchange.
The terminal will probably be built on a five-hectare property in Barangay Dontogan, about five kilometers from Baguio City proper.
The project goals to ease traffic congestion in the town by relocating provincial buses and UV Express vans outside the central district.
On Thursday, Megawide shares rose 17 centavos, or 5.41%, to shut at P3.31 apiece. — Ashley Erika O. Jose